Microeconomics

Front Cover
John Wiley & Sons, Oct 25, 2010 - Business & Economics - 768 pages
4 Reviews
Business professionals that struggle to understand key concepts in economics and how they are applied in the field rely on Microeconomics. The fourth edition makes the material accessible while helping them build their problem-solving skills. It includes numerous new practice problems and exercises that arm them with a deeper understanding. Learning by Doing exercises explore the theories while boosting overall math skills. Graphs are included throughout the mathematical discussions to reinforce the material. In addition, the balanced approach of rigorous economics gives business professionals a more practical resource.
  

What people are saying - Write a review

User Review - Flag as inappropriate

a place where a lot of people go on holiday/vacation
seaside/ski/mountain, etc.
[resort to something ]
the act of using something, especially something bad or unpleasant, because nothing else is possible
SYNONYM recourse
 

User Review - Flag as inappropriate

I have made it through 3 chapters so far in the 4th edition, and I have found tons of errors. One instance was the wrong formula for price elasticity of demand. Another occurred within the problems at the end of the chapter with the same question being asked twice. Finally a third error occurred when calculating answer that should have been in billions rather than millions. These are just a few of the errors that I have caught so far. It makes it hard to work through the book and to what to trust.  

Contents

INTRODUCTION TO MICROECONOMICS
4
Analyzing Economic Problems
6
Equilibrium Analysis
12
Optimization
18
Demand and Supply Analysis
26
PERFECT COMPETITION
29
Supply Curves
32
Elasticities along Specific Demand Curves
45
Applications
386
Excise Taxes
390
Subsidies
397
Price Floors
408
Acreage Limitation Programs
418
Tariffs
425
MARKET POWER
438
Marginal Revenue and Price Elasticity of Demand
451

CONSUMER THEORY
73
CONSUMER THEORY
76
Marginal Utility Indifference
81
Consumer Choice
103
Consumer Choice
106
Using the Tangency Condition to Understand When
114
Joining a Club
125
Quantity Discounts
131
The Theory of Demand
150
Effect and Income Effect
162
LEARNINGBYDOING EXERCISES
168
of Consumer Surplus
173
PRODUCTION AND COST THEORY
200
Economic and Uneconomic Regions
216
Elasticity of Substitution
222
Returns to Scale versus Diminishing Marginal
233
Costs and Cost Minimization
245
Sunk Unavoidable versus Nonsunk Avoidable
251
Corner Point Solutions
258
Cost Minimization in the Short Run
272
Cost Curves
285
LongRun Average and Marginal Cost Curves
292
Relationship Between the LongRun and the ShortRun
303
The Experience
313
APPENDIX Shephards Lemma and Duality
323
PERFECT COMPETITION
327
Economic Profit versus Accounting Profit
333
ShortRun Supply Curve for a PriceTaking Firm
339
ShortRun Market Supply Curve
345
The Firms LongRun Supply Curve
353
What Does Perfect Competition Teach Us?
366
Economic Profit Producer Surplus Economic Rent
376
APPENDIX Profit Maximization Implies Cost
384
APPENDIX The Cournot Equilibrium and the Inverse
453
The Lerner Index
457
Shifts in Market Demand
458
Output Choice with Two Markets
465
Monopoly Deadweight Loss
471
An Inverse Elasticity Pricing Rule for Monopsony
477
Capturing Surplus
485
Subscription and Usage Charges
498
Screening
504
Bundling
513
IMPERFECT COMPETITION AND STRATEGIC BEHAVIOR
528
The Bertrand Model of Oligopoly
541
Products
549
Game Theory and Strategic Behavior
571
SPECIAL TOPICS
604
RiskNeutral and RiskLoving Preferences
614
When Would a RiskAverse Person Choose to Eliminate
620
Decision Trees with a Sequence of Decisions
629
Auctions When Bidders Have Private Values
635
General Equilibrium Theory
648
The General Equilibrium in Our Simple Economy
660
Exchange Efficiency
670
Input Efficiency
676
Comparative Advantage
686
APPENDIX Deriving the Demand and Supply Curves
692
Externalities and Public Goods
697
Positive Externalities and Economic Efficiency
711
Mathematical Appendix
729
LEARNINGBYDOING EXERCISES
744
Solutions to Selected Problems
749
Glossary
771
Photo Credits
781
Copyright

Common terms and phrases

About the author (2010)

Professor David Besanko is the Alvin J. Huss Distinguished Professor of Management and Strategy at the Kellogg School of Management at Northwestern University. Besanko is a Kellogg graduate, having received his PhD in Managerial Economics and Decision Sciences in 1982. He received his AB in Political Science from Ohio University in 1977. Before joining the Kellogg faculty in 1991, Professor Besanko was a member of the faculty of the School of Business at Indiana University from 1982 to 1991. In addition, in 1985, he held a post-doctorate position on the Economics Staff at Bell Communications Research. Professor Besanko's research covers topics relating to industry dynamics, competitive strategy, industrial organization, the theory of the firm, and economics of regulation. He has received grants from the National Science Foundation and from the Citicorp Behavioral Science Research Council to support this research.

Bibliographic information